On March 9, 2010, the Securities and Exchange Commission (SEC) filed a complaint against Presstek Inc. (trading symbol “PRST”) and its former president and CEO, Edward Marino. The SEC alleged that Marino aided and abetted Presstek’s violation of Section 13(a) of the Securities Exchange Act of 1934 and Regulation FD by selectively disclosing negative material nonpublic information regarding Presstek’s financial performance during the third quarter of 2006 to Michael J. Barone, managing partner of Sidus Investment Management, LLC, an investment adviser then registered with the SEC. Within minutes after receiving the information from Marino, Barone decided to sell all of the shares of Presstek held by the investment funds advised by Sidus. One day later, Presstek issued a preliminary announcement reporting that its financial performance was below its prior estimates for the third quarter of 2006, and its stock dropped substantially. If you have questions about this SEC action or would like to discuss it in more detail, contact Jeffrey Wittenberg at 877-352-2010.
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SEC Filed Complaint Against Presstek Inc. for Violating Reg FD
